November 10, 2017 / 8:20 AM / a year ago

Altice shares rise after management reshuffle

FILE PHOTO - The logo of cable and mobile telecoms company Altice Group is seen during a news conference in Paris, France, March 21, 2017. REUTERS/Philippe Wojazer

PARIS (Reuters) - Shares in telecoms and cable group Altice NV (ATCA.AS) rose by 2.5 percent at the market open on Friday following a management reshuffle at the telecoms group aimed at reassuring investors following poor results in Europe.

Altice said on Thursday Chief Executive Michel Combes had resigned with founder Patrick Drahi returning as president.

Shares in the Amsterdam-based company, whose debt burden reached 49.557 billion euros (43.86 billion pounds) by the end of the third quarter, have lost around a third of their value since Altice said earlier this month that it lost about 75,000 broadband customers in France, its biggest market, in the third quarter.

Reporting by Dominique Vidalon; Editing by Leigh Thomas

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